Monday, May 27, 2024

Man Group hedge funds ride market turmoil in Q3

Man Group CEO, Robyn Grew

Alternative product inflows and gains boosted Man Group assets to a new record in Q3.

The first results published since Robyn Grew took over as CEO last month reveal its range of hedge fund products fared well in the recent market turmoil, with most flagship AHL and GLG products gaining.

AHL Alpha, the largest product in AHL’s range with $8.8bn under management, made 1% last quarter and is now up 3% for the year, while Evolution was top-performing AHL product in Q3, up 4.3% and now 2.7% for the year.

AFI revealed this week Matthew Sargaison, the CEO of Man Group’s AHL unit, will retire from the firm next April after 15 years.

Robyn Grew took over from Luke Ellis as CEO at Man last month. The firm passed $150bn in AuM for the first time earlier this year and ended Q3 with $161.2bn.

The alts range manages $97bn and was boosted by net inflows of $0.7bn, a performance-related increase of $0.3bn and ‘FX & other’ moves of $9.9bn, explained by the acquisition of Varagon Capital Partners.

Long-only flows and performance was flat.